elliotn
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Post by elliotn on Aug 1, 2020 2:20:02 GMT
I use T212. Contrary to what wallstreet has said elsewhere about commission free platforms, trades are instant (as are card deposits) ie there is no delayed batch sale of order flow to benefit others‘ front running. I have discussed at length their prices, trades are at Exchange rates as is their regulatory requirement (I have an on Exchange screenshot as confirmation) and there is no fx commission (other than calculated by the stock issuer if the base currency is not in Sterling). T212 has been profitable since inception because of its cfd trades (and you are eligible for fscs compensation in the event of platform failure). Great customer service with a forum available for investors to chew the cud. Full reporting history lets me reconcile divs and un/realised gains to cash. I only use etfs but I would expect stamp duty to be shown as a line item in the total cost of purchase from a couple of trusts I bought on Freetrade. I incur zero costs for my ISA (including swift withdrawals to my debit card) except for any market spread on etfs. For completeness, I use Freetrade taxable account for etfs not available on T212 and Vanguard for my SIPP. thanks. is there no stamp duty imposed on ISA purchases? There is no stamp duty on etfs, you’d still incur these on individual stocks where applicable regardless of any tax wrapper.
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elliotn
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Post by elliotn on Jul 30, 2020 2:23:46 GMT
I use T212.
Contrary to what wallstreet has said elsewhere about commission free platforms, trades are instant (as are card deposits) ie there is no delayed batch sale of order flow to benefit others‘ front running.
I have discussed at length their prices, trades are at Exchange rates as is their regulatory requirement (I have an on Exchange screenshot as confirmation) and there is no fx commission (other than calculated by the stock issuer if the base currency is not in Sterling).
T212 has been profitable since inception because of its cfd trades (and you are eligible for fscs compensation in the event of platform failure).
Great customer service with a forum available for investors to chew the cud. Full reporting history lets me reconcile divs and un/realised gains to cash.
I only use etfs but I would expect stamp duty to be shown as a line item in the total cost of purchase from a couple of trusts I bought on Freetrade.
I incur zero costs for my ISA (including swift withdrawals to my debit card) except for any market spread on etfs.
For completeness, I use Freetrade taxable account for etfs not available on T212 and Vanguard for my SIPP.
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elliotn
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Post by elliotn on Jul 28, 2020 7:24:40 GMT
In the 'hugger's abeyance, some bullets if I may:
- Moody's downgraded in Q2 from B3 to Caa2, negative outlook (Senior Secured Caa3) - had a bad virus when dealerships and production shut down - cld have a bad Brexit due to imported EU auto parts - suffering from liquidity crunch and looking for working cap finance & loan covenant waivers - secured bondholders rejected new bonds secured on their Classic car collection & HQ, potential 20-30% stake in F1 could be sold.
Low price looks justified imho/dyor.
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elliotn
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Post by elliotn on Jun 15, 2020 6:29:59 GMT
METRO BANK PLC Response to Press Speculation 15 June 2020: Metro Bank PLC (the "Company") notes the recent press speculation regarding a potential acquisition of Retail Money Market LTD and its subsidiaries ("RateSetter"). The Company regularly assesses various opportunities in the market and accordingly confirms that it has entered in to a period of exclusivity with RateSetter, but discussions regarding the potential acquisition are at an early stage. RateSetter is a UK focused peer-to-peer lender whose distribution platform could accelerate the Company's stated strategy to grow its unsecured consumer lending book. There can be no certainty at this stage that a formal agreement will be reached, nor as to the terms of any agreement. A further announcement will be made if and when appropriate.
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elliotn
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Post by elliotn on Jun 9, 2020 2:19:09 GMT
Also, is the calculation of capital coverage not double counting the interest element of the fund? Let's imagine you have a 5 year loan of originally 10k, paying 1k of interest a year, which goes bad half way through. So there would be a £5k capital loss and £2.5k of interest lost. So after taking the 2.5k out of the provision fund to cover the lost interest, the provision fund available to cover the capital loss should be 2.5k lower. But in these calculations the interest cover provision is also shown as being fully available for capital loss. Am I missing something here? For a defaulted loan, a funded PF would cover the capital loss/unpaid interest to date (which should have been made whole monthly) but not missed future interest. Depending on your settings the repaid capital would be invested in new interest bearing loans, you wouldn’t double dip on interest from the redeployed capital (altho it would accrue to the PF from any sufficient recoveries).
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elliotn
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Post by elliotn on Jun 3, 2020 9:12:01 GMT
Invest a minimum of £100 and we'll boost the rate you receive by 0.25% pa*Just saw this today. What does it mean? As a pre-existing investor, do I have to invest at least £100 and above on a single loan to get an additional 0.25% pa interest on the offered interest rate? Of course.
Did KL not confirm this to you?
Always found them v responsive IMHO.
Have you ended/paused your foray into S&S*?
(*S&S = Stocks** and Shares) (** tautologically - Stocks = Shares)
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elliotn
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Post by elliotn on May 25, 2020 12:30:00 GMT
I know it sounds greedy, and inconsequential given COVID all around us. But I love money. Making it, investing it, sometimes spending it. I’m not addicted or selfish. Just love the freedom having money gives you. Am I a bad person? Wishing you all good health youtu.be/3r5byXcQMGgMy 6 year old daughter asked why he loves “Monday” lol Greedy and Selfish? That’s subjective and on this board probably not too contentious. It does indubitably make you extraordinarily fortunate. 6/7 people on this planet were not lucky enough to have won the lottery of being born in the rich world. For the vast majority of heaving humanity not as lucky as you, lockdowns will have utterly wiped out the livelihoods of their informal, hand to mouth existence. I hope your daughter’s Junior ISA makes her rich beyond her wildest dreams.
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elliotn
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Post by elliotn on May 18, 2020 9:37:25 GMT
I’m interested but don’t fully understand. I have zero understanding of CFD and don’t want to do that. What I would like is the following example: - say I have 500k in equities after the stock market has just dumped 35 - 50% but I’m all in with no cash left to buy - HL would lend me money, say 200k against my equity holdings and charge around 2% - I go all in equities with the 200k and pay 2% interest for as long as it takes to be in profit. Is something like that possible? I know you have big cohones but you are the least likely passive advocate I’ve ever come across.
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elliotn
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Post by elliotn on May 4, 2020 10:17:47 GMT
I have tried to work out the implications of an interest cut, should that ever occur.
On the statistics page they have £854m under management. Lets say they implement a cut of 1 percentage point in investor interest across the board, then this means there is an annual inflow into the provision fund of £8.54m, or £711k per month.
This £711k per month inflow in turn increases the coverage ratio by 2.05 percentage points per month, all else being equal. So in rough terms a 1% cut in investor interest would lead to the coverage ratio going from 112% to 124.3% after 6 months or 136.6% after one year. this to me does not sound like a total calamity.
Admittedly these improvements would probably be being implemented against a background of generally deteriorating fundamentals so the coverage ratio improvements are unlikely to be as impressive as calculated above but I think it does go to show that ratesetter do have quite a lot of ammo available to correct this situation should the need arise without having too much of a detrimental effect on investors. Have you worked out the implications yet?
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elliotn
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Post by elliotn on May 4, 2020 10:14:37 GMT
alanh how many hundreds of thousands do you now have processing for release?
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elliotn
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Post by elliotn on May 4, 2020 10:10:29 GMT
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elliotn
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Post by elliotn on Apr 21, 2020 0:18:08 GMT
This is a direct consequence of people having too much time on their hands.
Perhaps legal action should be taken against Ratesetter for the debacle of months’ long queues caused by the panicking rich blocking desperate, suicidal NHS workers from their desperately needed, paltry savings.
You absolute bunch of rich world 'Boomers.
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elliotn
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Post by elliotn on Apr 15, 2020 6:19:27 GMT
britishpearl thank you for this context. An economic recovery and reasonable trade deal are just as possible for 2021/2 as your worst case scenario. Property partner have paused dividend payments to bolster spv solvency. Assetz Capital held a user wide vote for their CV19 response. If the majority of investors consider fire sales during a global pandemic and national economic lockdown as the worst possible time to sell (when valuers and buyers have been instructed to stay at home), then you should allow them to decide. A key attraction of this asset class is the long term ownership and voting mechanisms precisely to avoid selling during market panics and property price collapses. (This will be wholly refuted but a cynic may wonder whether BP shareholders are taking the opportunity to cut their considerable losses, thereby forcing investors into losses, as the opposite to any fiduciary care required from asset managers and agents.) Any failure to test investor sentiment may need to be tested against whether guaranteeing immediate losses for retail investors of long term assets is really the preferred course of action at the FCA.
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elliotn
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Post by elliotn on Apr 13, 2020 13:27:16 GMT
< I almost never time the markets > < I sold all my bonds and went all in. > If you’re passive then Heaven help the aggressive market timers.
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elliotn
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Post by elliotn on Apr 13, 2020 13:17:24 GMT
Fyi, you may want to check your portfolio value. My shares have been marked down by nearly 1/4. Discounts to these ‘fair’ values when resale market reopens will be significantly below cost.
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